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Global Oil Prices Fall in the First Half of 2023, Reaching Lowest Point Since the Start of the War

Adi Ahdiat 07/07/2023 15:24 WIB

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At the end of Semester I 2023, global oil prices fell to their lowest level since the beginning of the Russia-Ukraine war.

Average Monthly Global Oil Prices (January 2020 - June 2023)

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Global Oil Prices Fall in the First Half of 2023, Reaching Lowest Point Since the Start of the War

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Average Monthly Global Oil Prices (January 2020 - June 2023)

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The Russia-Ukraine war, which erupted in late February 2022, initially triggered a global energy supply crisis and price volatility.

However, energy prices have normalized this year. By the end of the first half of 2023, global oil prices had reached their lowest level since the war began.

According to World Bank data, the average Brent crude oil price in June 2023 reached USD 74.89 per barrel.

This price was down approximately 1% compared to May 2023 (month-on-month/mom), down 9.9% compared to January 2023 (year-to-date/ytd), and 37.6% lower than a year ago (year-on-year/yoy).

During the same period, West Texas Intermediate (WTI) crude oil prices also fell by 1.9% (mom), decreased by 10% (ytd), and reduced by 38.7% (yoy) to USD 70.23 per barrel.

This is in line with the World Bank's projection that oil prices in 2023 would be lower than last year.

"The average Brent crude oil price in 2023 is estimated at USD 84 per barrel, down from an average of almost USD 100 per barrel in 2022," the World Bank stated in its April 2023 Commodity Markets Outlook report.

On the other hand, the U.S. Energy Information Administration (EIA) predicts that oil prices will tend to fluctuate from the end of this year.

This is because on June 4, 2023, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced that they would extend their crude oil production cuts until 2024.

"We expect global oil inventories to decline slightly over the next five quarters," the EIA said in its June 6, 2023 Short-Term Energy Outlook report.

"We expect this (OPEC+ production cuts) will drive up crude oil prices, especially in late 2023 and early 2024," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Oil Prices Fall in the First Half of 2023, Reaching Lowest Point Since the Start of the War

Global Oil Prices Fall in the First Half of 2023, Reaching Lowest Point Since the Start of the War

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Global Oil Prices Fall in the First Half of 2023, Reaching Lowest Point Since the Start of the War

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